Joby Aviation (NYSE:JOBY) Trading 1.1% Higher – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY) shares traded up 1.1% during trading on Tuesday . The stock traded as high as $10.05 and last traded at $9.9240. 17,149,948 shares were traded during mid-day trading, a decline of 40% from the average session volume of 28,477,566 shares. The stock had previously closed at $9.82.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on JOBY shares. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. decreased their price target on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Thursday, February 26th. Needham & Company LLC lowered their price target on Joby Aviation to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. Finally, Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $13.81.

Joby Aviation Stock Performance

The firm’s 50 day moving average is $11.67 and its 200-day moving average is $13.90. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of -8.71 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.06. The firm had revenue of $30.84 million for the quarter, compared to analyst estimates of $16.88 million. The firm’s quarterly revenue was up 5506.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.34) EPS. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other Joby Aviation news, insider Gregory Bowles sold 11,530 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $9.62, for a total transaction of $110,918.60. Following the transaction, the insider owned 170,360 shares in the company, valued at approximately $1,638,863.20. This represents a 6.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joeben Bevirt sold 3,238 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $10.25, for a total value of $33,189.50. Following the completion of the sale, the chief executive officer directly owned 249,048 shares in the company, valued at approximately $2,552,742. The trade was a 1.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,479,543 shares of company stock valued at $16,143,725 over the last quarter. Insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Fifth Third Bancorp grew its stake in Joby Aviation by 207.4% in the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after acquiring an additional 1,348 shares during the period. Asset Planning Inc increased its holdings in Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after acquiring an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Joby Aviation by 284.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after acquiring an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Joby Aviation during the fourth quarter worth $28,000. Finally, Canton Hathaway LLC purchased a new position in Joby Aviation during the third quarter valued at $29,000. 52.85% of the stock is owned by institutional investors and hedge funds.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.